Washington, D.C.—Nov. 16, 2011—The Futures Industry Association today released the following statement in response to the MF Global Trustee's most recent effort to release customer funds:
The Futures Industry Association fully supports the Trustee's expedited motion requesting the Court to approve an interim distribution to MF Global Inc.'s "cash-only customers" in an amount equal to 60 percent of such customers' cash balances. If granted, approximately $520 million will be released to the 21,000 "cash-only customers," for whom the past two weeks have been particularly frustrating. The Trustee's motion is an important step in our shared goal of assuring the prompt return of all customer property.
The FIA acknowledges the Trustee's substantial efforts, which have allowed him to make this motion. The FIA also appreciates the CME Group's commitment to guarantee any overpayment that may be made, which the Trustee has stated was a predicate to his decision to file this motion. The FIA welcomes the Trustee's pledge to make additional interim distributions "to the extent legally and practicably feasible" and we encourage the Trustee to rely on the CME's guarantee to request authorization to make such additional distributions expeditiously.
